BMW: Oddo still a seller, but raises target price

(CercleFinance.com) - Oddo has renewed its "underperform" rating on BMW shares, although has increased its target price for them from 75 euros to 80 euros.


The broker stresses the solidity, "as expected", of the car maker's first quarter, in a buoyant automotive market. In this context, the analyst was therefore mainly interested in BMW's annual outlook and upside potential therein.

The group has finally raised its annual targets, although probably to a lesser extent than expected, in view of the risks detailed by management (historically cautious) and despite a reassuring message on Q2, Oddo notes.

In these conditions, the broker finally says that it still prefers Volkswagen and Daimler, two "outperforming" stocks.

The share is up 1% at 84.5 euros an hour into trading on Monday.


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